Any new business might use the word as an adjective, but we at Technically Philly think we need a philosophy for what exactly constitutes a technology startup when we categorize and cover their work in the Philadelphia region.

Here’s our definition. Tell us what we’re missing.

Broadly, a startup is a new business that is testing plans for scalable revenue.

Though not always, a technology startup typically has these common traits (ultimately, the ‘startup’ concept is, particularly today, a state of mind that is driven by those who self-identify with that culture):

Fewer than 20 employees

Younger than three years

Seeking or have secured early-stage investment, especially angel and Series A.